Tag Archives: Park Square

Apartments, Downtown, Polls

Polls results: Most appealing new development

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OK, so it wasn’t a huge majority or a overwhelming mandate. In fact, it was one of the weakest showings in our history of polls — a scant nine votes. Even so, Park Square came out on top among the handful of people who put their two cents in:

Of the new construction in recent years, which residential development is most appealing?
Park Square, 55 percent (5/9 votes)
Sky View at Carriage City Plaza, 33 percent (3/9)
Riverwalk, 11 percent (1/9)
Brookside at Rahway
Meridia Grand
River Place
Riverview Manor

A couple of readers made good points: Colin was familiar with some new construction but didn’t know these by name. And Sivyaleah offered her take on each complex.

As I mentioned in the earlier post, “most appealing” could mean different things to different people. Some comments over on our Facebook page took issue with  the amount of development in recent years, as well as the high-rise complex. Others just weren’t comfortable voting without knowing much about the buildings other than their exteriors.

We’ll make sure to get back to what people are comfortable with in the next poll. Thanks – and stay tuned!

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Apartments, Carriage City Plaza, Polls

Poll: What new development is most appealing?

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There have been nearly 1,0000 new residential units constructed over the last decade in Rahway. There are more to come but that doesn’t stop the occasional inquiry about what are the best buildings in Rahway. Of course, there are other, older developments too (Rahway Plaza Apartments and Hamilton Apartments, among others).

With the exception of 86 units at Riverwalk townhouses, about 60 of the 200 condos at Sky View at Carriage City Plaza and the 13-unit Riverview Manor, all other developments have been rental apartments, including some age-restricted, such as Rosegate and Park Terrace. Meridia Grand started out in the planning stages as condos until the housing market collapsed, and it shifted to rentals.

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This time next year, there may have a new entrant or two in this poll, but for now, while I work on a few other posts, to get some discussion going:

Of the new construction in recent years, which residential development is most appealing?
Brookside at Rahway
Meridia Grand
Park Square
River Place
Riverview Manor
Riverwalk
Sky View at Carriage City Plaza

“Most appealing” could mean different things to different people. Rahway residents who don’t live in any of the new developments might aim for what looks best on the exterior. Of course, people who actually live in the buildings might have their own considerations, and experience to share. Feel free to use the comments section to share your thoughts about why you voted for one or another.

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Polls

Poll: How would you grade redevelopment?

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Time for another fun, completely unscientific blog poll. What do you think?

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Apartments, Downtown, Redevelopment Agency

Chagrined by Chateau’s density, lack of retail

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The high density, absence of retail space and narrow sidewalks are among the primary concerns with the Meridia Chateau proposal, according to an analysis by the Redevelopment Agency.

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City Council, tax appeals

Almost $1 million in PILOTs in 2012 budget

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The $49-million municipal budget anticipates almost $1 million of revenue from various PILOT (Payment In Lieu of Taxes) agreements, including the first from one of the Park Square properties.

The total $961,000 in PILOT revenue is up from the $783,000 in the 2011 budget and breaks down as follows:

* Lower Essex St – Denholz Management (Rahway Plaza Apartments) – $366,000
* Landmark – $150,000
* Parking Authority (River Place) — $170,000
* Rosegate — $25,000
* Senior citizen housing — $250,000

Landmark, which broke ground on the Irving Street side of Park Square (2 Park Square) in 2006, appealed its assessment in Tax Court, getting it reduced from $6.05 million to $4.077 million.
The Main Street side (1 Park Square) is assessed at $8.965 million.

The PILOT agreement had the developer paying taxes on the assessed value of the parcels as they previously existed. Landmark will begin paying 20 percent of its assessment this year, which will rise 20 percent each year until it reaches 100 percent (which would be 2016).

River Place was constructed on property owned by the Parking Authority, which receives an annual payment from the development’s owner and splits it roughly in half with the city.

The city budget also anticipates $660,000 in revenue from red light camera fines. About $1 million was realized in the Transitional Year budget, which covered the six months of July-December 2011.

The amount to be raised by taxes in the budget is $33.455 million. The proposed municipal tax rate for 2012 is 2.287 (per $100 of assessed value), so the average assessed home ($133,000) would see municipal taxes of $3,042, compared with $3,046 estimated last year. (Remember, municipal taxes make up only a portion of your overall property tax bill; the others being schools and county). Presented to City Council by the administration in February, the municipal budget will be up for a public hearing and vote at the March 12 meeting.

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Apartments, Commercial, Downtown, Retail

Park Square targets June opening

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Corner of Elizabeth Avenue and Main Street

The second building of Park Square, one of the first cornerstone projects of downtown redevelopment efforts, should be ready for occupation starting in  June.

Joel Schwartz, principal with Keasbey-based developer Landmark Companies, appeared before the Redevelopment Agency at its meeting last week to provide an update on the 159-unit complex. He last appeared before the agency in late 2009 for an update.

Schwartz expects the second building to obtain certificates of occupancy one floor at a time — which also was done with the first building — so it should be fully occupied by about September. He said the second building boasts larger windows and more space. One-bedroom units list for starting rents of $1,600, two-bedrooms at about $2,000.

The project first broke ground nearly five years ago (October 2006) and the first building on the Irving Street side, which houses 63 of the units, was completed just about two years ago, beginning leasing in summer 2009. The Irving Street side also has 7,000 square feet of ground-floor retail space which is fully occupied, with five tenants, and Schwartz said the rental units are 100 percent occupied, with some turnover. The Main Street building, without any retail space, houses the remaining 96 units.

Corner of Elm Avenue and Main Street

Schwartz presented renderings that were part of Planning Board hearings in 2004 and 2005, and compared them to present-day photos of the project, as well as what the 2.4-acre site looked like before construction. He said they took a two-pronged approach: first, to redevelop in the spirit of what had been downtown, and second, to incorporate the best of redevelopment efforts from around the state and country. Some of the areas that inspired Park Square include Princeton’s Palmer Square, Forest Hills in Queens and Lake Forest, Ill. As time goes by, Schwartz hopes the complex has more of a connection with Merck as well as be more actively involved in the day-to-day activity of downtown.

The entire complex has 159 units and 205 parking spaces, including ground level parking on the Irving Street side, and two levels of parking on the Main Street side. [Note: The photos above are from last fall]

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Commercial, Downtown, Retail

Jeweler to take last Park Square retail spot

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Kennedy Jewelers will fill the final retail space at Park Square, moving four blocks from its current location.

Mayor James Kennedy said a 10-year lease is up on his East Milton Avenue and Fulton Street location and the new space, at the corner of Elm Avenue and Irving Street, is smaller, thus more affordable. “I like the street parking and cozier feeling,” he said in an email, describing it as “more ’boutique-ish.'”

Kennedy, who ends his fifth term as mayor at the end of this year, said it will be his fifth location in 32 years.

The other two retail tenants at Park Square are expected to be Davis Financial, a Linden-based CPA firm, and Deisel Training Center, a strength training and tae kwon do facility. The target for occupancy is December while Kennedy Jewelers could be January of February, according to Matt Dobrowlowski of Iozzi-Williams Village Green ERA, the exclusive listing agent. All three of the tenants have signed either four- or five-year leases in the range of $22 to $23 per square feet annually.

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Here’s a cool photo gallery in Crain’s New York, “Musty streets now hot strips,” featuring half a dozen “formerly forgotten streets becoming urban destinations, boasting a growing crop of trendy eateries and boutiques.” How’d they do it? “It requires daring entrepreneurs seizing the opportunities of cheap rents and an underserved market, as well as landlords hungry enough to take chances on unproven operators.”

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Apartments, Commercial, Downtown, Retail

Park Square to fill final three retail spaces

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The remaining retail space along Park Square‘s Irving Street side is expected to be occupied by the end of this year, according to Matt Dobrowolski of Iozzi-Williams, the exclusive listing agent.

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